T. Boone Pickens has seen plummeting oil prices before and says he knows what the problem is. Energy companies are pumping too much oil and none of them wants to be the first to stop, Mr. Pickens said Wednesday in an interview with The Wall Street Journal.

Harold Simmons, who died at age 82, started life without electricity or indoor plumbing in rural Texas and went on to become a corporate raider and one of the richest and most politically influential men in the country.

For anyone still questioning whether the U.S. shale-oil boom is a historic reshaping of the U.S. energy market, today's Energy Department report on domestic crude-oil stockpiles offers a striking statistic: The U.S. currently has more oil in storage than at any time since 1931.